I'm 24, I was going to get house, I can afford, but then I wouldn't have money to have fun?
I just paid 600 to get out a plan to get a home. I make enough money to get house, so I decided to get a real big cool one. But when I was in the process of the getting the loan I regretted it. For the time in my life I have money, I'm buying sutff like soccer balls, footballs, baseball equipment, rockclimbing equipment, good rollerblades, I can save and maybe go to China, or make a trip to Japann. I always wanted trampoline, and I can get one. I can afford things now like going horseback riding, going scuba, I lvoe being able to afford bowling, and even pay for someone else's dinner. I was going to lose all that if I had gone ahead and taken the loan to get the house. I just wouldn't be able to afford spoiling myself. Am I stupid for backing down?
Renting & Real Estate - 21 Answers
Random Answers, Critics, Comments, Opinions :
1 :
once you have a house you can get loads of loans
2 :
get a better job growing up is tuff.
3 :
if you cant afford spoiling yourself, then you just cant "afford" that kind of house yet. you have to think of your income to expense ratio. if your expense is way over 50% of your income, you should reconsider.
4 :
well whats more important.......a house that you can see yourself in and do whatever you want to it? or having fun and partying and all and doing stupid stuff......& not being able to fix up anything called "fun"? Ask yourself. i think you did pass up a really good deal and most other people would love a house.
5 :
Yes, get the loan and buy the house. You will still be able to do those other things just in moderation. The investment of a home outweighs everything else and will have loads more value in 30 years than your memory of falling off your trampoline that one time when you were drunk!
6 :
Get a house, but get a smaller one. You don't need all that extra room. Then you can afford both.
7 :
If I were again 24, I would spoil myself first and consider getting a house when I am 35-40!
8 :
Yes I think its reasonable to say so. I had the opportunity 9 yrs ago when I was 18yr old to go on a superb vacation to Europe. I instead opted to buy my first house. I sold it a Cpl years later, and after great tax benefits I also made money when I sold it & with all the money I made I was able to put it down and buy a more expensive house. I have kept moving up every two years & now I am in a 1.5 million dollar home and I have taken trips all arpund the world from my great investments. So you may feel like you will suffer in the beggining but its worth it to be responsible & make the sacrifice. You will reap the much greater rewards later.
9 :
all those things you are buying are short term fun, you will not be using them in 20 years, a house is something you will be using. It's better to own a house than to pay rent, all you have left after a year of renting a place is a years worth of rent reciepts. With a house you are building equity. Compromise and get a smaller house to start with, the payments will be lower and you will still have money to play with. Long term you will be much farther ahead with a house.
10 :
You're 24. If you're still unsure at 44, then worry. Owning a house is a huge responsibility. Better to back out now than regret it in a short time.
11 :
The thing you describe are stuff that lasts maybe a day or two, or a couple weeks if it's a trip. You're going to need a place to live always so why not make it a nice as you can. Besides, you will make more money in the future, you will be able to pick those things back up when you do. Also, did you adjust your taxes for the write-off your going to get from the house, that could be an extra $3000 a year and up depending on the price of the house.
12 :
You should go with a slightly small house, so you can have a little of both. Also, the toys are indeed fun, but the fun wears out after a few uses. I try to rent cool toys unless I know I am going to use them many times. For example, I wanted to get a nice boat, but after working the numbers it's cheaper to rent one once every month or two. A house serves two purposes, (1) you need to live somewhere and (2) after living there for years, you will build up equity in the property, which sure beats throwing the $ out the window to a landlord.
13 :
If I was 24, and making a good wage, I would bank it like crazy. I wouldn't buy a house yet, because you never know what's going to come up in your life. I wouldn't want to be tied down to a house, but I wouldn't want to blow my money either. At 24, you could begin saving big time for retirement, and quit work in 25 years with proper investing - instead of working until you're 70. Of course, with good planning, it's possible to have the house and the retirement. :)
14 :
have fun, spend for whatever gives you pleasure. dont complicate your life until you're ready, there's plenty of time for that. when you're finished 'sowing your wild oats' you will be glad to settle down and accumulate assets both tangible and intangible.
15 :
Well the first thing is I would look at is maybe a less expensive house. If that house is such a good deal, or you cant get something like it than I would really try to swing it. In time you will make more money and also maybe able to re finance for a lower payment later on. A house is the best investment you can make. In time you will be able to afford much better toys. Trust me I am 37years old and juts bought my first house 2 years ago. when I was your age I was too busy running around in sports cars that are now broken and gone, old memories of trips to the Bahamas and Vegas, and a low bank account .Now I have years to go before things level out and I can start to enjoy my life again. I cant stress enough how lucky you are and how much you should take advantage of this opportunity and really stick with it. It a long term investment that will pay off.
16 :
Why not get a more modest house as your first home? Then your mortgage would be a little more manageable but you'd still have some "mad money" every month. Buying real estate is such a good investment; at your age, you could be setting yourself up very nicely by getting into the real estate market so young.
17 :
you made a big mistake for backing out! you need to read about the "benefits and tax breaks" for owning a home. As you are single you must pay tax about 25-28% of income. By owning a home, the property tax, interest on the mortgage are deductible so that your tax rate may drop to 20%. In the mean time, properties ALWAYS appreciate in time (5 to 10 yrs). So if you need $$ you can open a home equity line of credit on your property and the interest is again tax deductible!! Things that you like for fun and have do not appreciate in time and they will most likely end up in Ebay (if you are lucky) or in garage sales!!
18 :
Well if your buying a big house you could allways rent out rooms so you have money to spend. Sound like a plan, I do you realy need a big house you could always buy a smaller one.
19 :
Get the house and get a room mate.
20 :
You are in luck! As housing market continues to slump, it is a good time NOT to buy. :) http://money.cnn.com/2006/08/24/real_estate/pluggedin_tully.fortune/index.htm http://money.cnn.com/2006/09/07/news/economy/housing_forecast.reut/index.htm?postversion=2006090713 As housing market slump, it is easier to calculate "Rent vs. Buy" scenario. Because "appreciation" is no longer a factor. Mortgage payment consists of two parts: interests and principal. Interests are like rent, which doesn't add to the equity to your house. It simply disappear as your pay it. If interests portion of the mortgage payment is roughly equal to rent of equivalent property, then it is a decent buy. For example, let's buy a $500,000 condo with 0% down and apply interests only loan (just like renting a place). Mortgage payment would be $3250/month. It is a bad buy, because you can enjoy same property for $2000/month. Please note that I assume the tax benefits from home cancel out fees from home association and property tax. For more accurate calculation, consult with your CPA or accountant. But NOT your realtor, whom will say anything to get the deal to go through. And again, if you like a particular property, then paying more may be reasonable. You are the only person who can decide how much more premium you are willing to pay.
21 :
You are not stupid for backing down. I suggest you pursue buying a house, but a more modest one. It will grow in value. Keep buying "up" as you can afford.
Saturday, June 14, 2014
Saturday, June 7, 2014
how does America make most of it's money?
how does America make most of it's money?
It seems we are no longer a big agricultural country. It appears most things in the stores are made in china. Just wondering what are we selling and to who or how are we making our money in the world?
Economics - 13 Answers
Random Answers, Critics, Comments, Opinions :
1 :
war
2 :
military-industrial complex
3 :
taxes
4 :
TAX
5 :
Just few good japaniese printers and that`s it
6 :
By bullying the rest of the world into submission, and getting away with it.
7 :
i'm guessing tax?/
8 :
Wheeling and dealing like everybody else. Seriously, Insurance, I.T., Pharmaceuticals, Education and Tourism.
9 :
That is very simple: They steal it and use the law to help them. They often put you in a position where you have no other choice but to purchase what ever and then stick it to you! It's very simple!
10 :
We are trading wealth for mundane merchandise made in the orient. All it takes is one dollar at a time, which makes it millions, billions, trillions, so on and so forth... America will suffer a severe market correction to prove that at the present rapid rate of progress it is certainly not feasible for a long time transfer of this wealth to third world countries.
11 :
Tax, mixed with selling weapons of mass destruction. Making nuclear weapons and devices for export, thus being war materials. Stealing oil from other nations (Iraq), denying the UN, lying and heavy handed tactics to bully the rest of the world who aren't as willing to lie and cheat to get what they want. Using slave labour in asian countries to make products of which they will then sell at highly inflated prices to keep the gigantic profit.
12 :
taxes and pornography
13 :
Have you heard of Microsoft? The iPod? Hollywood? Google? Yahoo? Sounds like an honest question and you had a bunch of idiots answer it. In reality, the US does not need to depend on exports to create wealth. The vast majority of wealth in the US is created by Americans doing valuable things in America for other Americans -- exports and imports are scarcely an issue. Look around you and see what people buy. That is what we sell. The misconception that we (or any country) can only get wealth by taking it from other countries is called "mercantilism", and was completely discredited by 200 years ago. Sadly, ignorance and stupidity persist. But anyway, the US continues to be a massive producer and exporter of agriculture -- nothing about that has changed, except that only 1 or 2% of the working population is so employed owing to high productivity. Other areas in which the US is particularly dominant include any and all creative business (Hollywood, video games, advertising and marketing expertise); financial services; the most value-added and innovative sides of any technology (software, biotech, microprocessors and DSPs, cell phone infrastructure, telecommunications services and hardware, computers); everything related to healthcare; Boeing airliners; and college education.
It seems we are no longer a big agricultural country. It appears most things in the stores are made in china. Just wondering what are we selling and to who or how are we making our money in the world?
Economics - 13 Answers
Random Answers, Critics, Comments, Opinions :
1 :
war
2 :
military-industrial complex
3 :
taxes
4 :
TAX
5 :
Just few good japaniese printers and that`s it
6 :
By bullying the rest of the world into submission, and getting away with it.
7 :
i'm guessing tax?/
8 :
Wheeling and dealing like everybody else. Seriously, Insurance, I.T., Pharmaceuticals, Education and Tourism.
9 :
That is very simple: They steal it and use the law to help them. They often put you in a position where you have no other choice but to purchase what ever and then stick it to you! It's very simple!
10 :
We are trading wealth for mundane merchandise made in the orient. All it takes is one dollar at a time, which makes it millions, billions, trillions, so on and so forth... America will suffer a severe market correction to prove that at the present rapid rate of progress it is certainly not feasible for a long time transfer of this wealth to third world countries.
11 :
Tax, mixed with selling weapons of mass destruction. Making nuclear weapons and devices for export, thus being war materials. Stealing oil from other nations (Iraq), denying the UN, lying and heavy handed tactics to bully the rest of the world who aren't as willing to lie and cheat to get what they want. Using slave labour in asian countries to make products of which they will then sell at highly inflated prices to keep the gigantic profit.
12 :
taxes and pornography
13 :
Have you heard of Microsoft? The iPod? Hollywood? Google? Yahoo? Sounds like an honest question and you had a bunch of idiots answer it. In reality, the US does not need to depend on exports to create wealth. The vast majority of wealth in the US is created by Americans doing valuable things in America for other Americans -- exports and imports are scarcely an issue. Look around you and see what people buy. That is what we sell. The misconception that we (or any country) can only get wealth by taking it from other countries is called "mercantilism", and was completely discredited by 200 years ago. Sadly, ignorance and stupidity persist. But anyway, the US continues to be a massive producer and exporter of agriculture -- nothing about that has changed, except that only 1 or 2% of the working population is so employed owing to high productivity. Other areas in which the US is particularly dominant include any and all creative business (Hollywood, video games, advertising and marketing expertise); financial services; the most value-added and innovative sides of any technology (software, biotech, microprocessors and DSPs, cell phone infrastructure, telecommunications services and hardware, computers); everything related to healthcare; Boeing airliners; and college education.
Sunday, June 1, 2014
how can we as Americans thank China for all the Monetary loans they give us and products they make for us?
how can we as Americans thank China for all the Monetary loans they give us and products they make for us?
Without china we would have no more money to borrow from anyone plus we owe the chinese Hundreds of Billions of Dollars. We talk bad about them yet they still help us. Were pretty much nothing without their money loans. how can we thank them?
Politics - 3 Answers
Random Answers, Critics, Comments, Opinions :
1 :
Just keep buying their cheap products. That is thanks enough.
2 :
You are complimenting them without even knowing because the job that you could be filling is being filled by a china-man that will work for much less money than you would.
3 :
Print more money and give it to them!
Without china we would have no more money to borrow from anyone plus we owe the chinese Hundreds of Billions of Dollars. We talk bad about them yet they still help us. Were pretty much nothing without their money loans. how can we thank them?
Politics - 3 Answers
Random Answers, Critics, Comments, Opinions :
1 :
Just keep buying their cheap products. That is thanks enough.
2 :
You are complimenting them without even knowing because the job that you could be filling is being filled by a china-man that will work for much less money than you would.
3 :
Print more money and give it to them!
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